Rite Aid board elects president, CEO as chairman

Cumberland County-based Rite Aid Corp.'s board of directors has elected the company's president and CEO, John T. Standley, as board chairman, according to a news release.

Standley, a board member, will become chairman effective at Rite Aid Corp.’s annual stockholder meeting June 21, the release stated. He will succeed Mary Sammons, who has served as chairwoman since 2007, the release stated.

Standley’s total compensation was nearly $11 million, including about $1 million in salary, for the fiscal year that ended March 3, compared with a total of about $2.8 million for the previous fiscal year, according to a filing with the Securities and Exchange Commission.

Shares of the East Pennsboro Township-based drug store chain are traded on the New York Stock Exchange under the ticker symbol RAD.